The number of green bonds issued has soared this decade with some estimates putting the amount outstanding at US$200bn, but the market still lacks regulatory coherency and adoption of the product in emerging Europe is some way behind peers.

Borrowers raised US$67.3bn of green bonds in the first eight months of 2017, according to the Climate Bonds Initiative (CBI), which expects the full year total to be around US$150bn. This will dwarf the US$81bn of green bonds the CBI says were printed last year.

This has led to a huge drive by banks to cater to the growing demand for the green product.